A continuing chronicle of how democracy is being destroyed across the entire European Union.
This blog is henceforth exploring various means whereby democracy may now be restored within or to the EU's formerly independent nation states now that economic chaos looms following the euro currency's apparently deliberate self-destruction, as long predicted on this blog? (Changed 23/11/10)

Friday, October 01, 2010

€11,111 debt per head of Ireland's population

Eleven thousand, one hundred and eleven euros and eleven centimes is the actual debt per head of Ireland's population if you divide the 50 billion of the total costs so far as announced yesterday by the population of 4,470,700 rounded up to 4.5 million. That is over 11,000 thousand euros for every man, woman and child in the country, or taking the old yardstick of 2.2 children per family a debt of €46,700 per household.
Yet the Irish Government maintains they can repay these huge amounts from a declining economy thus sparing the large foreign bankers from any losses on their purely greed driven speculative investments, read here. A quote from the linked article:
Then, as now, investors are assessing the growing risk that a eurozone member will default on its debts – a calamity for the EU. Mr Lenihan had to spend half-an-hour on the phone to fellow European finance ministers trying to reassure them there is "no question" that Ireland will have to seek external help, saying the nation is "fully funded".
Ireland has been magnificently open about its banking woes and bold in the vanguard of efforts to meet and stem the losses, but such pain is being endured to spare foreign bankers having to be bailed out by their own taxpayers. In reality the final figures can still not be fully known as most of the Irish losses are in property and as the austerity gets harsher property prices will plummet further, a dilemma belatedly now being recognised in the UK, read here.
David Cameron as Prime minister of a Coalition Government now stands in danger of making the coming House Price Collapse the personal property of the Conservative Party as he has done nothing since May to tackle the underlying issues and thus firmly pin the blame on the previous administration. Opening criminal proceedings against former Treasury Ministers would be an astute recognition of the scale of the coming disaster, but policy proposals which confront the issue, labelled as "Brown Levies" would be even cleverer.